Second Homes Boom On Cards 25/08/2005

When thinking about buying a second home, most Britons would immediately look abroad at an apartment in Spain or a country retreat in the South of France. However, an increasing number of Brits are looking closer to home for a second property, and more are expected to do so in the future.

Today, the most popular areas for second homes in the UK are London, Birmingham, Snowdonia and Manchester. More Brits are now looking at less obvious areas such as Bradford and the East End of London.

More than half a million Brits own at least two homes - according to a report entitled Second Homes in the UK - and only half of these properties are bought as holiday homes. More people are buying a second property as an investment or as a convenience when travelling to and from work. Of these half a million, 328,000 are in the UK with 178,000 abroad. The report states that these figures are set to rise to 405,000 in the UK and 249,000 overseas by 2015.

By 2015, according to the report, the most likely 'second-home hotspots' will include Beckhurst in Sussex, Mull on the west coast of Scotland, and the North Yorkshire Moors. Those who will buy as a convenience for work will be most likely to buy in Central London, Glasgow, Liverpool and Newcastle. Those who look to invest will be more likely to buy second homes in Birmingham, Bradford city centre, East London, the Scottish Borders and Southend.

Britons are also considering the effects of global warming on the future of the UK climate. With the UK set to experience more of a Mediterranean climate in the future, Brits are securing their properties in the UK.

Another new factor that is being considered is accommodation for our children whilst they are at university. More parents are looking at buying flats for their children to live in while they are studying so they are able to remain solvent. Once they have finished the course, the property can be sold or let, becoming an investment.

Many households now experience a 'split-home' environment with the breadwinner living in accommodation closer to work in the city during the week, and living with the rest of the family in the suburbs at the weekend.

The report also raises the issue of our ageing population. It reveals that by 2015, more people will be 45 or over and will be able to afford a second home. However, this boom could mean an increase in house prices in these areas which would price the locals out of the market.